Will and the legal reserve of inheritance in Korean law

Abstract

Part V of the Korean Civil Code regulates legal relations in respect of inheritance. Of the three chapters that comprise Part V, the first Chapter stipulates general provisions, thereby governing inheritance in the absence of a will. The second Chapter lays down the legal norms regarding wills, whereas the last of the chapters is dedicated to the ‘legal reserve of inheritance’, the reserved portion in the inherited property of the deceased person. From a comparative law perspective the legal reserve of inheritance is far from an institution unique to Korea. On the contrary, most jurisdictions have legislation that addresses issues of disinheritance in some form or other. The trait that is relatively characteristic of Korean law is that it chooses to strongly protect the right of the legal reserve of inheritance, which in turn results in limiting the freedom of testation. This was a conscious decision made by the legislator in the late 1970s, some 17 years after the Civil Code was enacted and entered into force, when Korean lawmakers inserted a new Chapter on the legal reserve of inheritance into Part V (Inheritance) in an effort to reflect traditional family values that placed special emphasis on family ties. This objective of this paper is to offer an overview of wills and the legal reserve of inheritance in Korean inheritance law. Looking at how the inheritee voluntarily (by means of a will) and involuntarily (by means of the legal reserve of inheritance) disposes of his/her assets after passing away, will hopefully help shed light on some characteristics of Korean inheritance law.

Keywords:

inheritance, will, freedom of testation, legal reserve of inheritance, Korean Civil Code